Regal Treasury Bank Holdings Limited - Company Ann
Further to the cautionary announcements published on 25 June 2001 and 26
June 2001 ("the cautionary announcements"), shareholders are further advised
that the Registrar of Banks, with the consent of the Chairman of the Regal
Treasury Private Bank Limited ("Regal Bank"), has placed Regal Bank under
Curatorship from today in terms of Section 69 (1)(a) of the Banks Act, 1990
(Act No 94 of 1990) (as amended).
It is recorded that all demand deposits made upon the Regal Bank yesterday
were met following the sale of a portion of the advances book to Investec
Bank Limited. However, it was concluded that, notwithstanding the fact that
the Bank has surplus liquidity, future commitments to depositors would
result in it being irresponsible for Regal Bank not to seek the protection
of a Curator.
This position arose, inter alia, as a result of negative press comment
following the publication of the cautionary announcements.
The listing of the Company's shares on the JSE Securities Exchange will
therefore be suspended with immediate effect.
27 June 2001
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Limited
Legal Advisor
Kallmeyer & Strime Attorneys
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